Fund Manager Summary
The fund managers believe that the outlook for Macquarie Group Ltd remains positive, presenting significant investment opportunities. In their opinion, insights gained during the recent three-day investor tour in the US have reinforced their confidence in the company’s potential. They noted the importance of engaging with key divisional personnel, which provided a deeper understanding of the value creation processes within the firm. The fund managers were particularly impressed with Macquarie’s leadership in attractive industries and its strong track record, which they believe positions the company well for future growth. Overall, they view Macquarie as a compelling investment backed by a robust culture and capability.
Source: Trading View
Commentary From The Managers
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Ten Cap
31 Oct 2025
$218.56
Summary
- Ten Cap has added Macquarie Group (MQG) to their portfolio.
- This decision was made to capitalize on recent share price weakness.
- Increased exposure to a high-quality, globally diversified financial services franchise.
- MQG is well-positioned to benefit from increasing global capital markets activity.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Ten Cap
31 Oct 2025
$218.56
- Ten Cap has added Macquarie Group (MQG) to their portfolio.
- This decision was made to capitalize on recent share price weakness.
- Increased exposure to a high-quality, globally diversified financial services franchise.
- MQG is well-positioned to benefit from increasing global capital markets activity.
Summary
Hyperion Asset Management
31 Oct 2025
$218.56
- Hyperion Asset Management acknowledges MQG's recent announcement regarding the sale of Aligned Data Centers for an enterprise value of US$40 billion, marking a significant milestone as the largest data centre transaction globally.
- The transaction is anticipated to complete in the first half of 2026, following the successful sale of AirTrunk for US$16 billion last year.
- Under Macquarie Asset Management's ownership, Aligned expanded from two facilities with 85MW of capacity to 50 data centres with over 5GW of capacity.
- MAM's exposure to Aligned was through two funds: Macquarie Infrastructure Partners (MIP) IV and MIP V, with investments made in 2018 and 2020, respectively.
- Hyperion Asset Management continues to hold because MQG maintains substantial exposure to digital infrastructure assets, showcasing its capability to identify and invest in structural growth areas.
- The Aligned and AirTrunk transactions exemplify MQG's potential to generate material performance fees over time, reinforcing the fund manager's positive outlook on the company.
Summary
Endeavor Asset Management
31 Oct 2025
$218.56
- Endeavor Asset Management has maintained a long-held position in MQG.
- Rising costs in commodities and green asset divisions are impacting MQG's outlook.
- Lower performance fees have also contributed to a softened outlook for MQG.
- ANZ is now seen as the preferred major bank exposure due to its clearer path to cost efficiency and revenue growth.
- Forecast EPS growth for ANZ is around 3% per annum, compared to 0–2% across peers.
- The timing of the investment was favorable, as MQG fell about 7% post-result.
- ANZ reached a record high in November.
Summary
Endeavor Asset Management
30 Sept 2025
$219.33
- Endeavor Asset Management updates its investment thesis on Macquarie Group Ltd (ASX:MQG).
- First Home Buyer scheme introduced by the Australian government is expected to positively impact portfolio positions in NAB and Macquarie (MQG).
- The scheme supports loans at up to 95% LVR with a government guarantee above 80% LVR.
- Lenders can earn interest on the full loan while managing risk similar to an 80% LVR exposure.
- The guaranteed portion is backed by the AAA rated Commonwealth, leading to lower risk weighted assets.
- This reduction in risk weighted assets enhances regulatory capital efficiency and improves metrics such as ROE.
Summary
Auscap Asset Management
24 Sept 2025
$218.43
- Macquarie Group (MQG) delivered weaker-than-expected earnings.
- The market reaction was fairly negative following the earnings report.
- The commodities trading division normalized more sharply than anticipated, impacting profits.
- Asset Management experienced lower performance fees.
- Banking & Financial Services faced higher costs.
- Despite the softer results, Macquarie remains a high-quality, diversified financial services group.
- The company acknowledged that FY25 earnings may be lower than FY24.
- Auscap Asset Management continues to hold its position but recognizes that earnings momentum is currently subdued.
Summary
Airlie Funds Management
1 Aug 2025
$213.78
- Airlie Funds Management continues to hold Macquarie Group Ltd in their portfolio.
- Current market conditions indicate a lull for Macquarie, alongside some regulatory pressure.
- These challenges are expected to pass over time.
- The breadth of Macquarie's business and its global presence are seen as attractive.
- Airlie believes Macquarie will resume growth in the near future.
- Compared to Westpac, Macquarie's valuation at 19 times PE is considered favorable.
- In a three to five-year outlook, Macquarie Group is expected to outperform Westpac.
Summary
Endeavor Asset Management
31 July 2025
$217.38
- Macquarie Group (MQG) experienced a 5.0% decline in July due to a soft start to the financial year.
- The commodities division's income reported a decrease, impacting overall performance.
- The asset management division faced challenges due to the timing of transactions.
- Resignation of Alex Harvey (CFO), effective mid-2026, has contributed to share price pressure.
- Concerns regarding future CEO succession planning are also weighing on investor sentiment.
- The board is at risk of receiving their first strike on the remuneration report at the AGM.
- This follows a period of regulatory issues and the necessity to increase capital, which may limit future dividend growth.
- Endeavor Asset Management has reduced the size of its investment in MQG during July but continues to prefer it as a long-term banks' exposure.
Summary
Clime Investment Management
31 July 2025
$217.38
- Clime Investment Management continues to hold Macquarie Group (MQG.ASX) as a core position in the portfolio.
- Macquarie is viewed as preferred stock within the diversified financials sector.
- The company has a strong suite of businesses positioned for earnings growth in the future.
- In July, MQG's performance was impacted by a softer than expected operating update.
- This was primarily due to lower trading activity in its Commodities and Global Markets division.
- Banking and Macquarie Capital showed better performance, but the outlook remains cautious.
- The cautious outlook is influenced by mixed divisional performance and recent key management changes.
Summary
Tyndall Asset Management
31 July 2025
$217.38
- Macquarie Group (MQG) has underperformed recently due to a relatively weak quarterly result.
- The announcement of the retirement of its well-regarded CFO has raised concerns.
- Tyndall Asset Management continues to admire Macquarie Group as a high performing franchise.
- Despite this admiration, Tyndall Asset Management remains underweight the stock on valuation grounds.
Summary
Antares Capital
30 June 2025
$228.73
- Antares Capital initiated a position in Macquarie Group (MQG) following a significant market sell-off in April 2025.
- The sell-off was triggered by US President Donald Trump’s Liberation Day tariff announcement.
- MQG's earnings, being sensitive to financial market conditions, were unduly punished, creating an attractive entry point.
- Antares Capital views MQG as a high-quality business with a robust franchise.
- The management team has demonstrated resilience through various volatile periods.
- MQG is strategically positioned to capitalize on long-term global mega-trends such as energy transition and decarbonisation.
- Additional growth opportunities include private credit, infrastructure investment, and alternative asset growth.
Summary
Clime Investment Management
30 June 2025
$228.73
- Clime Investment Management notes a positive contribution from MQG to the portfolios in June.
- This was driven by ongoing support for risk assets following Trump's tariff 2.0 liberation day.
- Clime Investment Management maintains the view that MQG is well-positioned across market cycles.
- The company benefits from a diversified earnings base.
- MQG also has a strong capital position.
Summary
Endeavor Asset Management
30 June 2025
$228.73
- Endeavor Asset Management continues to hold Macquarie Group (MQG) as a core holding in the Balanced Portfolio.
- MQG's share price increased by 6.8% in June.
- The business is expected to benefit from escalating military conflict between Israel and Iran.
- This conflict has driven a rise in oil prices and increased volatility in energy markets.
- Heightened volatility is projected to lead to higher revenue for MQG’s Commodities and Global Markets (CGM) segment.
- Forecasted revenue growth for CGM is 5-6% year-over-year for FY26.
- This growth is expected to contribute approximately 2% of EPS growth to the bottom line.
Summary
Clime Investment Management
31 May 2025
$212.12
- Macquarie Group (MQG) showed strong relative performance this month.
- Supported by a solid FY25 profit result announcement.
- Ongoing solid growth from its Banking & Financial Services division.
- Strong contribution from the Asset Management segment.
- Earnings from Commodities and Global Markets remained subdued.
- Management remains positive about the long-term growth outlook through new clients and services.
- Clime Investment Management retains confidence in MQG's ability to navigate shifting market conditions.
- Expecting to generate mid-teens return-on-equity over time.
Summary
Endeavor Asset Management
31 May 2025
$212.12
- Endeavor Asset Management notes that Macquarie Bank's (MQG) FY25 result was in line with consensus.
- The asset management division demonstrated strong performance fees and asset realisations.
- Equally, the banking division showed strength in its loan portfolio and deposit base.
- There is an expectation that both divisions will carry their positive momentum into FY26.
Summary
Ten Cap
31 Jan 2025
$240.80
- Increased exposure to Macquarie Group Ltd (MQG) over the month
- Driven by an attractive CY25 financial outlook
- Deregulation is contributing to positive expectations
- Improving sentiment among investors, referred to as ‘animal spirits’
- Positive commentary surrounding transaction forecasts
- Underpins a strong earnings and shareholder return outlook
Summary
Endeavor Asset Management
30 June 2024
$203.16
- Macquarie's share price increased by 7% in June due to unexpected broker EPS upgrades.
- Endeavor Asset Management continues to hold MQG as they believe it can benefit during elevated energy market volatility.
- Current volatility is influenced by recent events, including potential developments from Hurricane Beryl.
Summary
Cooper Investors
31 Mar 2023
$175.66
- Cooper Investors attended Macquarie’s (MQG) three-day investor tour in the US.
- Investors were able to further explore key themes through various presentations and asset tours.
- Exposure to key divisional personnel was crucial in understanding the opportunity set.
- Cooper Investors was impressed with the insights gained during the tour.
- This experience enhanced comfort in the investment thesis, which supports backing expert value creators.
- Macquarie demonstrates an outstanding track-record and leadership in attractive industries.
- Furthermore, Macquarie exhibits a deep culture and capability that reinforces investment confidence.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"Peeling back the layers reveals a compelling narrative; it seems Macquarie Group Ltd continues to shine by marrying expert leadership with lucrative opportunities, reinforcing the case for those willing to invest in proven value creators."
Last Updated: 31 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in Macquarie Group Ltd (ASX:MQG)?
Fund managers including Cooper Investors, Endeavor Asset Management, Ten Cap, Antares Capital, Airlie Funds Management, Clime Investment Management, Tyndall Asset Management, Auscap Asset Management and Hyperion Asset Management have invested in Macquarie Group Ltd (ASX:MQG).
Why do fund managers invest in Macquarie Group Ltd?
Fund managers invest in Macquarie Group Ltd due to its strong track record of value creation, leadership in attractive industries, and a deep culture of capability. Insights gained from investor tours and presentations reinforce confidence in the company's growth opportunities and the expertise of its divisional personnel.
What happened to Macquarie Group Ltd (ASX:MQG)?
Fund managers are maintaining investments in Macquarie Group Ltd (MQG) due to its strong global business diversification and growth potential, despite recent challenges such as regulatory pressures and management changes. They recognize MQG's resilience, particularly in capitalizing on government initiatives like the First Home Buyer scheme, which is expected to enhance loan performance. Additionally, significant transactions in digital infrastructure highlight MQG's ability to generate future earnings, making it a preferred choice in the diversified financial sector.